FMG going to continue it's run this week imo
Fortescue Metals Group Ltd forms bullish "Triple Moving Average Crossover" chart pattern
Jan 17, 2020Recognia has detected a "Triple Moving Average Crossover" chart pattern formed on Fortescue Metals Group Ltd (FMG:ASX). This bullish signal indicates that the stock price may rise from the close of11.41.
Tells Me: The price is generally in an established trend (bullish or bearish) for the time horizon represented by the moving average periods. Moving averages are used to smooth out the volatility or "noise" in the price series, to make it easier to discover the underlying trend. By plotting the average price over the last several bars, the line is less "jerky" than plotting the actual prices. In the triple crossover method, a bullish signal is generated when a faster moving average (4 bar) crosses above an intermediate moving average (9 bar), which in turn crosses above a slower moving average (18 bar). In this state, the price is likely in an established uptrend. The opposite is true when the 4 bar crosses below the 9 bar which in turn crosses below the 18 bar, triggering a bearish event.
